(a) The contents of a notification of disposition are sufficient if
the notification:
(1) describes the debtor and the secured party;
(2) describes the collateral that is the subject of the intended
disposition;
(3) states the method of intended disposition;
(4) states that the debtor is entitled to an accounting of the
unpaid indebtedness and states the charge, if any, for an
accounting; and
(5) states the time and place of a public disposition or the time
after which any other disposition is to be made.
(b) Whether the contents of a notification that lacks any of the
information specified in subsection (a) are nevertheless sufficient is a
question of fact.
(c) The contents of a notification providing substantially the
information specified in subsection (a) are sufficient, even if the
notification includes:
(1) information not specified by subsection (a); or
(2) minor errors that are not seriously misleading.
(d) A particular phrasing of the notification is not required.
(e) The following form of notification and the form appearing in
Section 9--614(c), when completed, each provides sufficient information:
NOTIFICATION OF DISPOSITION OF COLLATERAL
To: (Name of debtor, obligor, or other person to which the
notification is sent)
From: (Name, address, and telephone number of secured party)
Name of Debtor(s): (Include only if debtor(s) are not an addressee)
(For a public disposition:)
We will sell (or lease or license, as applicable) the (describe
collateral) (to the highest qualified bidder) in public as follows:
Day and Date: ____________________
Time: ____________________
Place: ____________________
Structure New York Laws
Article 9 - Secured Transactions
Sub Part 1 - Default and Enforcement of Security Interest
9-602 - Waiver and Varience of Rights and Duties
9-603 - Agreement on Standards Concerning Rights and Duties
9-604 - Procedure if Security Agreement Covers Real Property, Fixtures, or Cooperative Interests
9-605 - Unknown Debtor or Secondary Obligor
9-606 - Time of Default for Agricultural Lien
9-607 - Collection and Enforcement by Secured Party
9-609 - Secured Party's Right to Take Possession After Default
9-610 - Disposition of Collateral After Default
9-611 - Notification Before Disposition of Collateral
9-612 - Timeliness of Notification Before Disposition of Collateral
9-613 - Contents and Form of Notification Before Disposition of Collateral: General
9-615 - Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus
9-616 - Explanation of Calculation of Surplus or Deficiency
9-617 - Rights of Transferee of Collateral
9-618 - Rights and Duties of Certain Secondary Obligors
9-619 - Transfer of Record or Legal Title
9-621 - Notification of Proposal to Accept Collateral
9-622 - Effect of Acceptance of Collateral